CBE strikes $2bn deal with int'l banks

The Central Bank of Egypt (CBE) struck a 2-billion-dollar funding deal with international banks.

Under the one-year deal, funds will be secured through selling and re-purchasing dollar-denominated bonds that were auctioned by the Egyptian Finance Ministry at the Irish Stock Exchange, the CBE said in a statement on Thursday.

The bonds' maturity dates are December 2017, November 2024 and November 2028, the statement said.

The deal is meant to up hard currency reserves at the CBE, the statement added.

The statement added that the agreement reflects international banks' confidence in Egypt's capability to proceed with the all-out reform program and develop national economy, especially after recent financial and monetary measures.